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I think "underground lake" is metaphorical. We have some good geology for our aquifer—it's called the Salt River Valley alluvial basin.[1]

The Phoenix Active Management Area has a bunch of water storage[2]. I'd also direct you to the city's 2021 plan.[3]

Thanks for clearing that up... I actually did think it was a 'lake' type thing. - So T.I.L. :-)

Also, SRP has tons of great info. about the water system - its actually pretty cool how them mange it all:

Thanks, I always forget about SRP since I think about it at the AMA level and get my water from Phoenix.